UPDATE:
🇺🇸 There’s now an 88% probability the Fed will NOT cut rates in January.
Markets are repricing for a higher-for-longer environment.
Liquidity expectations are tightening, and risk assets are adjusting accordingly.
This shifts focus to: • Strong balance sheets
• Cash-flow narratives
• Selective rotation, not broad risk-on
Macro is back in control. Watch positioning, not headlines.